Good morning. Jamie Dimon has a warning for the US economy. The Oval Office is turning out to be a rather stressful place. And the Knicks are stirring up excitement, although last night it wasn’t so great. Listen to the day’s top stories.

JPMorgan’s Jamie Dimon can’t rule out the US economy will slide into a period of stagflation as the country faces huge risks from geopolitics, deficits and price pressures. “I don’t agree that we’re in a sweet spot,” the CEO said in a Bloomberg Television interview. He added that the Federal Reserve is doing the right thing to wait and see before it decides whether to lower borrowing costs.

House Republican leaders released a new version of Donald Trump’s massive tax and spending bill with a higher limit on the deduction for state and local taxes in a bid to win over hardliners. The updated legislation includes sped-up cuts to Medicaid and the elimination of clean energy tax breaks. As this all plays out in DC, the bond market is pushing back on the president’s tax-cut plan. Meanwhile, here’s today’s market wrap.

Feeling much more positive is Bitcoin, briefly surpassing $111,000 for the first time, with traders increasingly bullish on its prospects amid mounting institutional demand. Optimism is sweeping the cryptocurrency space after the advancement of a key stablecoin bill in the US Senate fueled hopes of greater regulatory clarity for digital-asset firms. How far can Bitcoin go? $300,000 anyone?

Oil prices fell as OPEC+ was said to be discussing another super-sized production increase at its meeting June 1, in what would be the third straight month of adding extra barrels to the market. The cartel says the move is to satisfy demand, but one of the motives could simply be to placate Trump. Here’s an explainer on why cheap oil relieves some nations and worries others.

FBI agents cordon off the scene outside the Capital Jewish Museum. Photographer: Alex Wroblewski/AFP/Getty Images

Two Israeli embassy staff were fatally shot outside the Capital Jewish Museum in Washington. Police said they detained a single suspect, who chanted, “Free free Palestine” while in custody. The shooting drew immediate bipartisan condemnation.

Deep Dive: (Another) Oval Office Trap 

Presidents Donald Trump and Cyril Ramaphosa during a meeting in the Oval Office on May 21. Photographer: Jim Lo Scalzo/EPA

South African President Cyril Ramaphosa became the latest world leader to fall prey to an Oval Office ambush.

• The man who helped negotiate the end of apartheid came to the White House looking to persuade Donald Trump to stop floating the conspiracy theory that there’s a genocide against White people in his country. But all he got was confrontation and a lecture.
• Maybe Ramaphosa should have expected it, given how Ukraine’s Volodymr Zelenskiy was treated in the Oval Office. But yesterday’s squirming encounter shows how years of lobbying US politicians are paying off for the fringe group that planted the seed for some of Trump’s unsubstantiated claims.
• Ramaphosa's visit serves as a cautionary tale of how foreign leaders who come courting the US leader should behave—and indeed, if they should come at all.

The Big Take

Illustration: Daukantė Subačiūtė

The Trumps have turned the American presidency into their most lucrative venture yet, putting their dealmaking into overdrive with memecoins, guns and new hotels abroad. Here’s how the family did it.

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Opinion

The bond vigilantes are starting to inflict some real pain, and they’re not just coming for the US, John Authers writes. The upward drift in long yields globally is an ill wind that can no longer be ignored.

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Before You Go

Timothée Chalamet attends Game One of the Eastern Conference Finals at Madison Square Garden. Photographer: Sarah Stier/Getty Images

Heartbreak for Timothée Chalamet and other Knicks fans. The Pacers' Tyrese Haliburton stunned the Garden crowd with a buzzer-beating, toe on the line long 2-pointer (that for a moment appeared to be the game winner) to take Game 1 of the Eastern Conference finals into overtime. Haliburton even directed a choke sign to the crowd—a reference to the reviled Reggie Miller—when he thought he'd won the game. Indiana went on to triumph 138-135.

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